128-130 Lordship Lane East Dulwich, London, SE22 8HD

For Sale
128 - 130 Lordship Lane, London - Picture 2024-10-31-12-57-58

Agents

Green & Partners logo

Green & Partners

Anita Briant

Will Civil

Ben Simpson

Use Class

Use Class

E

Size

Size

1,225 sq ft

Price

Price

£925,000

Key Features

  • One of London’s most desirable neighbourhoods;

  • Attractive end of terrace period building;

  • Double fronted shop with prominent corner frontage;

  • Thriving Lordship Lane retail pitch;

  • Held Virtual Freehold at Peppercorn Rent;

  • Long established tenant (20 years + trading history) with 2nd store in Crystal Palace;

  • Well configured retail accommodation providing 1,225 sq ft over ground and basement;

  • Let to Retrospective UK Limited (t/a Mrs Robinson);

  • Lease expiring February 2038 (TBO’s in 2028 & 2033);

  • Total income of £62,500 per annum

  • Low passing rent (£74 psf ITZA) - recent comparable lettings (c. £95 psf ITZA);

  • Class E / Flexible User Clause;

  • Continued strong occupier demand for Lordship Lane.

Description

Prime retail investment For Sale

The property compromises a corner double fronted retail unit over ground and basement floors with internal access via a gap in the party wall.

128 Lordship Lane has a timber floor with a small ancillary basement below accessed by a timber staircase to the rear, whilst 130 Lordship Lane has a solid floor with a small ancillary kitchen and a staff toilet to the rear. There is an external area along the frontage of the premises, which is marked red on the lease plan and forms part of the demise. This area is capable of use, which the current tenant is using to display items for sale. The upper parts are residential and do not form part of the sale.

Key Information

Further Infomation

Terms & Conditions

The successful purchaser will be required to fulfil anti-money laundering requirements in accordance with the Money Laundering Regulations.

Accommodation

1,225 Sq.Ft

The property provides the following approximate floor areas:

Areas
Sq.Ft
Sq.M
Ground Floor
1,051
97.6
Lower Ground Floor
174
16.2

Financial

Lease Type

Existing Lease

Lease Term

The property is let to Retrospective UK Limited (t/a Mrs Robinson), on a full repairing and insuring lease at £62,500 per annum, for a term of 20 years from 6th February 2018 (ending 5th February 2038), subject to tenant only breaks in February 2028 and 2033.

Rent

The current passing rent devalues to reflect £74.07 psf ITZA. Recent enclosed rental evidence would indicate an ERV closer to £80,000 pa which reflects c. £95 psf ITZA. This is based primarily based on the Headmasters lease renewal, located in close proximity.

Price

(Nine Hundred & Twenty Five Thousand Pounds), exclusive of VAT and subject to contract. A purchase at this level reflects a net initial yield of 6.39% and a reversionary yield of 8.18%, assuming graduated purchasers’ costs of 5.66%. To be offered in the Allsop Commercial Auction on the 5th November, unless sold prior or withdrawn.

Tenure

Leasehold - The ground floor and basement premises are held on a 999 year leasehold interest from 27 January 2020 by Lordship Partners Limited and is held under Land Registry Title Number TGL542149.

Terms & Conditions

The successful purchaser will be required to fulfil anti-money laundering requirements in accordance with the Money Laundering Regulations.

Vat

The property has been elected for VAT and is assumed the sale will be conducted via a Transfer of a Going Concern (TOGC).

Sustainability

Available upon request.

Misrepresentation Notice

All the above information and descriptions (whether in the text, plans or photographs) are given in good faith but should not be relied upon as being a statement of representation or fact. Any areas, measurements or distances referred to are approximate only.

All data ©2024 Completely Property Technology Limited

This was last updated on 19/11/2024